Shares of this micro-cap stock hit the 2 percent upper circuit after the company scheduled a meeting at the start of December 2023 to consider and approve the sub-division of equity shares.
With a market capitalization of Rs 313 crores, the stocks of Dolphin Offshore Enterprises India Limited opened their trading hour on Wednesday at Rs 782.10 hitting its 2 percent upper circuit, and, currently, the shares are locked at the same price. The locked price is marked as the company’s fresh 52-week high level.
Such sharp movements in the stock price were witnessed after the company, through a regulatory filing with the Bombay Stock Exchange, intimated that the Board of Directors have scheduled a meeting on December 7th, 2023.
The meeting will be held to consider and approve the proposal for a sub-division of the equity shares of the company. The corporate action is subject to the approval from shareholders and other relevant authorities.
As per the latest quarter ended September 2023, the company reported operating revenues of Rs 2 crores and bottom-line numbers of Rs 3 crores. Moreover, the profitability ratios of the company, during FY22-23, have transitioned to positive numbers with the return on equity (RoE) reported at 20.36 percent and the return on assets (RoA) at 17.96 percent.
The company has successfully reduced its debt-to-equity ratio as well taking a downshift from 3.11 times during FY21-22 to 0.10 times during FY22-23.
As per the latest shareholding pattern of the company, the Promoters hold a 94.98 percent stake, Retail Investors hold a 3.02 percent stake, and the remaining 2 percent is held by Domestic Institutional Investors (DIIs).
Founded in 1979, Dolphin Offshore Enterprises India Limited is involved in the business of providing underwater services to the Indian oil and gas industry including underwater diving and engineering, vessel operations and management, marine logistics, fabrication, and many more.
Written by Amit Madnani
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